Tetragon Financial Group - Positive Q317 performance; Q417 tender offer

Tetragon Financial Group (TFG) achieved a 1.6% NAV total return in the third quarter of 2017, taking NAV total return to 4.5% for the first nine months of the year. A strong performance from ‘other equities and credit’ has contributed to this asset class increasing to 9.9% of NAV. TFG Asset Management declined to 19.2% of NAV, as a result of the refinancing of Equitix, while all five of the established asset managers saw valuation uplifts during the quarter. Tetragon commenced a tender offer to purchase up to US$65m of its own shares in November 2017 and, if fully subscribed, this would lift Tetragon’s NAV total return for the year to between 6.1% and 6.7%, prior to considering net income generated in the fourth quarter.